STI hit with worst sell-off in 2 years as China woes mount

Banks led the decline.

Singapore stocks tumbled, with the benchmark Straits Times Index heading for its biggest decline since October 2011 amid concerns China’s currency devaluation will hurt bank earnings and slow economic growth.

According to Bloomberg, the Straits Times Index sank 2.5 percent, the most among Asia-Pacific benchmarks, to 3,073.37 as of 11:30 a.m. in Singapore. DBS Group Holdings Ltd., Oversea-Chinese Banking Corp. and United Overseas Bank Ltd., the nation’s three key lenders, each slumped at least 4.4 percent and contributed the most to the benchmark ’s decline.

Read the full report here.

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